“What are the best pricing strategies for accountants?”
This is one of the most common questions I get from accountants. If you’ve also wondered about the best pricing strategies for accountants, stick around!
Dominique Molina has long been passionate about helping small businesses pay less tax. Unlike other CPAs, her practice, beyond annual tax return preparation, also emphasizes proactive tax planning strategies to help small businesses leverage the tax laws in the same way that large corporations and the wealthy do. Unsatisfied with bringing her tax-savings approach only to clients her own practice could reach, she created a company that trains and certifies CPAs to develop special expertise in tax planning in accordance with her own high standards for advisory excellence and tax reduction goals. The result is a growing network of CPAs who are successfully reaching some 90,000 small businesses throughout the country.
Molina’s mission to save clients from overpaying their taxes led in 2009 to her founding The American Institute of Certified Tax Planners (AICTP), a company she presides over as CEO. Certified Tax Planners are a leading group of tax professionals who are specially trained in the art of long term, proactive tax planning. AICTP trains and certifies CPAs to develop special expertise in tax planning, and it provides ongoing education, information, and other resources for accountants, advisors, and small business owners. Molina and the company provide a valuable service to the small business community, because AICTP member CPAs, as proactive tax planners, are advising their business owner clients throughout the year on strategies to minimize their annual tax liability by putting tax laws to work for them. By capitalizing on the wealth of tax-saving resources in the U.S. tax code, she and they are helping small businesses pay less tax in April, and retain more revenues for growth.
If you’re curious about the best pricing strategies for accountants and which will work best for you, then this episode of The Abundant Accountant Podcast is a MUST LISTEN!
Did you know that there are 5 pricing strategies for accountants you could follow in your firm? I explain all of them and how to choose what is best for you in THIS BLOG POST!
Here are a few key secrets we talked about in this episode:
- Michelle Introduces Dominique Molina and her business.
- Your pricing strategy is one of the most important decisions that you will make about your business, and will impact everything!
- The pricing strategy that you choose reveals what is important to you.
- There are 5 basic pricing strategies: hourly, flat-rate, retainer, free or market value, and value-based pricing.
- What are you being paid for? Your time, your expertise?
- In hourly pricing, you are being paid for your TIME.
- Time is limited – we only get 24 hours per day – once it’s gone, it’s GONE!
- Our industry is so unique it is hard to do one thing for multiple clients – most of the work is so unique it cannot be replicated.
- Hourly pricing is harder to leverage.
- Flat fee pricing covers a task from start to completion but is often estimated based on the amount of time that it takes to do the project.
- Another option is retainer pricing, but again, what is the cost based off of? Most accountants will base it off their TIME rates.
- Some people use a FREE pricing strategy, and use that to convert free clients to paying clients.
- Market value is when accountants and tax professionals charge what the market will handle by looking at what peers and colleagues are charging.
- Value can be defined as the maximum amount that a customer will pay for anything.
- Customers don’t always care about the nitty-gritty, or the hard work that goes into getting them the end result – they care about the RESULTS that you bring them.
- Value-based pricing is based off those results and outcomes!
- Value-based pricing asks if you helped your client achieve their goals. If so, get a piece of those results as your fee!
- You have to know what is special about what you have to offer when you charge value-based pricing. You have to provide opportunities and skills that no one else can.
- Keep your client front and center!
Learn More & Connect With Me Here!
- Read The Abundant Accountant Blog
- Certified Tax Coach website
- Dominique’s Facebook page
- Join us on Facebook
- Follow Michelle on LinkedIn
P.S. Valued Based Pricing is my favorite way to price services, but what does that actually mean, and how can you ensure you’re using it correctly? THIS BLOG POST can help!
P.P.S. Do You want to MAKE MORE MONEY, WORK FEWER HOURS?
Join me so you can unlock the secrets to growing a profitable accounting firm with less stress by joining our free Abundant Accountants Masterclass!
You will learn:
• The easiest ways to sift through clients and get to the RIGHT ideal clients!
• Proven tactics to actually get paid instead of giving away FREE advice!
• How to stop competing on price FOREVER!